- All of the top 20 cryptos by market cap have seen their price increase over the past 24 hours.
- MATIC, ATOM, and AVAX have all experienced price increases within the last day.
- Bearish flags are present on the charts of MATIC, AVAX, and ATOM.
It’s a positive day for the crypto markets as the top 20 cryptos by market cap have experienced positive price movements over the past 24 hours, according to CoinMarketCap. In particular, Polygon (MATIC), Avalanche (AVAX), and Cosmos (ATOM) have seen their prices increase within the last day.
At the time of writing, the price of MATIC is up 10.20% over the past day. MATIC’s positive daily price movement has flipped its weekly performance into the positive as its price is now up by 6.12% in the last seven days as well. Currently, MATIC is trading at $0.886. MATIC also experienced an 83.43% rise in its daily trading volume to take the figure up to $1,494,052,073.
The daily chart for MATIC/USDT is signaling a couple of bearish flags. The first bearish flag is the Relative Strength Index (RSI) line positioned below the RSI SMA line. Furthermore, the RSI line is also sloped towards oversold territory after a failed attempt at breaking above the RSI SMA line.
Another bearish flag is the MACD line touching the MACD signal line — cutting away at its margin above the MACD signal line in the process.
The last thing that investors need to take note of is MATIC’s price relative to the 9 Simple Moving Average (SMA) line. MATIC’s price is slightly above the 9 SMA line, but not as much as it was when it reached its peak in the ascending price channel.
Avalanche (AVAX) has climbed 9.58% during the last 24 hours. However, its weekly performance is still in the red as its price is down 1.14% over the past seven days. AVAX is trading at $23.01 at the time of writing. AVAX’s daily trading volume has also increased by 109.52%, taking the total to $846,086,138.
The price of AVAX has risen above the daily 9 and 20 EMA lines after crossing below the two lines over the past five days. However, technical indicators suggest that AVAX will not be able to maintain its position above the two EMAs for long.
The first indicator that suggests that AVAX’s price may fall is the MACD line touching, and almost crossing below, the MACD signal line. Furthermore, the slope of the MACD histogram is negative – declining over the last few days.
The 9 EMA line is still positioned above the 20 EMA line which indicates that AVAX is in a bullish cycle, but the margin between the 9 and 20 EMA lines has been on the decline since AVAX’s price reached its peak in the short-term bullish period.
Should MATIC close in the green for today, then the bearish thesis will be invalidated.
ATOM’s price is standing at $10.25 after its 24-hour increase of 9%. This has also turned its weekly performance positive, with the price of ATOM up 2.98% for the week. ATOM’s daily trading volume did however fall by 2.75% compared to the day prior. The daily trading volume for ATOM is currently $467,503,012.
ATOM’s price activity has been relatively flat on the daily chart with no significant moves for the past few weeks. The MACD line is still positioned above the MACD signal line, but by a very slim margin.
In addition to the weak trading activity and the slim margin that exists between the MACD line and the MACD signal line, the RSI line failed to break above the RSI SMA line and has now sloped negatively towards oversold territory — below the RSI SMA line. This is a bearish flag that investors and traders need to keep an eye on.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.